Development Corporation of Abilene approves $2.3 million for greenhouse

The board of trustees of the Development Corporation of Abilene Tuesday approved a $2.3 million incentive package for an undisclosed business.

Code named "Project Ladybug" in DCOA documents, the company and details of the package, will be announced if the Abilene City Council approves the incentives, said DCOA Chief Executive Officer Kent Sharp.

City Council approval is required because the incentive package exceeds the $250,000 spending limit placed on the development corporation. The matter will be placed on the agenda for the council's next meeting on March 22, Sharp said.

What is known about Project Ladybug is that, if approved, it will bring a "state-of-the-art hydroponics greenhouse facility" to the Access Business Park at the intersection of State Highway 36 and Farm Road 18, near the Abilene Regional Airport.

The facility, including space for offices, breakrooms, storage and packaging, could be up to 200,000 square feet, according to the resolution passed by the DCOA board.

DCOA's investment in the greenhouse includes providing 21.09 acres of land, valued at slightly more than $630,000.

Additionally, $1.7 million or 10 percent of the company's capital investment — whichever is lower — would be contributed toward the company's total construction and equipment costs.

The company plans to invest $17 million in construction and equipment.

The deal calls for the creation of at least 18 new jobs in the first year after the facility opens, with 34 total jobs added by the end of three years.

If the company maintains employment numbers specified in the agreement, the DCOA assistance would be forgiven over five years.

Project Ladybug was one of three incentive packages placed on Tuesday's DCOA agenda, though neither of the other two were considered.

Going by the code name Project CO2, one of the incentive packages failed to be negotiated and the deal was lost, Sharp said.

The other project, Project Rubber Tree, is still in negotiations, he said.

"I fully anticipate it being on next month's agenda," Sharp said.

The next DCOA meeting was scheduled for 1:30 p.m. Monday, April 23, at the Abilene Industrial Foundation's meeting room in the third floor of 174 Cypress St.